Equity Group Holdings Plc (EGH), has successfully completed the acquisition of Compagnie Générale de Banque (Cogebanque) Plc (COGEBANQUE), marking a significant milestone in its regional expansion strategy.
The acquisition follows the fulfilment of conditions precedent to the acquisition, including regulatory and corporate approvals and was completed on November 30, 2023.
EGH now holds 198,250 shares representing 99.1250% of the issued share capital of COGEBANQUE, officially making COGEBANQUE its subsidiary.
On June 14, 2023, EGH publicly disclosed its entry into a binding term sheet for the acquisition of 91.93% of COGEBANQUE’s issued shares from the Government of Rwanda, Rwanda Social Security Board, Sanlam Vie Plc, and Ms. Judith Mugirasoni (the Sellers).
The completion of the acquisition was subject to various conditions, including confirmatory due diligence, execution of definitive agreements, regulatory approvals from the Central Bank of Kenya, the National Bank of Rwanda, the COMESA Competition Commission, and corporate approvals.
The Minister of Finance and Economic Planning Dr. Uzziel Ndagijimana said, “The consolidation of Equity Bank Rwanda Plc and COGEBANQUE will create a stronger and more resilient banking institution better equipped to serve the needs of the people of Rwanda and will contribute to Rwanda’s economic growth and development. Additionally, this partnership demonstrates investors’ confidence in Rwanda’s economic potential and presents new opportunities for the financial sector to thrive.”
Equity Group Holdings Plc Managing Director and CEO, Dr. James Mwangi, said, “We are delighted to welcome COGEBANQUE’s employees and customers to Equity Group. Through our focus on innovation, cutting-edge technology, and superior service, we aim to provide enhanced financial services, improve lives, expand opportunities for wealth creation, and deliver significant value to all our stakeholders in Rwanda.”
